Following Andrew Tyrie’s recent grilling of FCA bosses Martin Wheatley and John Griffith-Jones, we chart his valiant efforts to hold the regulator to account.

How Andrew Tyrie took on the regulator

MPs raise concerns over cost of RDR

The Treasury Select Committee (TSC) first voiced its concerns about the spiralling cost of the retail distribution review (RDR) after the estimated bill ballooned to £1.7 billion from £400 million.

Conservative MP Mark Garnier said: ‘I’m not sure that RDR is going to ensure we have a good and wide range of consumer choice. I think it will end up with…people who have a lot of grey hair and experience turning around and saying to hell with it.’

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TSC calls for evidence on RDR

26 November 2010

TSC chairman Andrew Tyrie (pictured) called for written evidence on whether the RDR was necessary to achieve its objectives to create a transparent charging system, clarity around types of advice, and increase adviser’s professional standards.

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Humble Hector says sorry

1 November 2011

Sants apologised for the FSA’s quick response to the TSC’s report on the RDR, blaming the hasty reply on media pressure.

He said the FSA was concerned that if it did not issue a quick a response the media would write stories that the RDR was to be delayed or reversed, but that the regulator did not intend to appear unaccountable.

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FCA chief Wheatley admits advice gap concerns

10 September 2013

Nine months into the RDR, and following multiple banks pulling out of advice, Financial Conduct Authority (FCA) chief executive Martin Wheatley (pictured) finally admitted concerns about the lack of availability of advice to the mass market.

During an evidence session with the TSC, Wheatley said: ‘It is a concern. People who have... below £50,000 or £100,000 are not getting the same service that they were getting. That is a concern.'

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TSC lays into FCA over adviser numbers and fees

4 February 2014

A full review of the RDR might be off the cards for the time being, but last week’s evidence session with Wheatley and FCA chairman John Griffith-Jones (pictured) showed that the TSC will keep the pressure on the regulator.

Tyrie and Garnier pressed the FCA on the fall in adviser numbers, consumer confusion over non-advice and advisers’ regulatory fees.

Leave a comment!

MPs raise concerns over cost of RDR

The Treasury Select Committee (TSC) first voiced its concerns about the spiralling cost of the retail distribution review (RDR) after the estimated bill ballooned to £1.7 billion from £400 million.

Conservative MP Mark Garnier said: ‘I’m not sure that RDR is going to ensure we have a good and wide range of consumer choice. I think it will end up with…people who have a lot of grey hair and experience turning around and saying to hell with it.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

MPs raise concerns over cost of RDR

The Treasury Select Committee (TSC) first voiced its concerns about the spiralling cost of the retail distribution review (RDR) after the estimated bill ballooned to £1.7 billion from £400 million.

Conservative MP Mark Garnier said: ‘I’m not sure that RDR is going to ensure we have a good and wide range of consumer choice. I think it will end up with…people who have a lot of grey hair and experience turning around and saying to hell with it.’

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

TSC calls for evidence on RDR

26 November 2010

TSC chairman Andrew Tyrie (pictured) called for written evidence on whether the RDR was necessary to achieve its objectives to create a transparent charging system, clarity around types of advice, and increase adviser’s professional standards.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Leave a comment!

Humble Hector says sorry

1 November 2011

Sants apologised for the FSA’s quick response to the TSC’s report on the RDR, blaming the hasty reply on media pressure.

He said the FSA was concerned that if it did not issue a quick a response the media would write stories that the RDR was to be delayed or reversed, but that the regulator did not intend to appear unaccountable.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Leave a comment!

FCA chief Wheatley admits advice gap concerns

10 September 2013

Nine months into the RDR, and following multiple banks pulling out of advice, Financial Conduct Authority (FCA) chief executive Martin Wheatley (pictured) finally admitted concerns about the lack of availability of advice to the mass market.

During an evidence session with the TSC, Wheatley said: ‘It is a concern. People who have... below £50,000 or £100,000 are not getting the same service that they were getting. That is a concern.'

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

Leave a comment!

TSC lays into FCA over adviser numbers and fees

4 February 2014

A full review of the RDR might be off the cards for the time being, but last week’s evidence session with Wheatley and FCA chairman John Griffith-Jones (pictured) showed that the TSC will keep the pressure on the regulator.

Tyrie and Garnier pressed the FCA on the fall in adviser numbers, consumer confusion over non-advice and advisers’ regulatory fees.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.

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